19/11/2013 - 13:21

Azure raises $2.1m for drilling

19/11/2013 - 13:21

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West Perth explorer Azure Minerals has raised $2.1 million through a share placement as it looks to undertake further drilling at its Cascada and Promontorio projects in Mexico.

Azure raises $2.1m for drilling

West Perth explorer Azure Minerals has raised $2.1 million through a share placement as it looks to undertake further drilling at its Cascada and Promontorio projects in Mexico.

Azure has received commitments from institutions and sophisticated investors for the placement of 83.1 million fully paid o rdinary shares at an issue price of 2.6 cents each.

Azure said its biggest shareholder, New York-based investment fund Drake Private Investments, had provided substantial support for the placement.

"The capital raising was very successful with the strong demand exceeding our expectations," Azure managing director Tony Rovira said.

"I am particularly pleased with Drake's ongoing commitment and I thank them for their strong and continued support."

The company will use the capital to undertake further drilling at its Cascada and Promontorio copper-gold prospects in Mexico.

Azure shares were unchanged at 3.1 cents at the close of trade.

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